SPX and Cannabis Stocks in Focus
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$SPX early +0.50% rise has kicked off a rally back to new all-time highs, and Futures now lie about 30 points under the first area of importance near last Tuesday's peak of 6757. This should be exceeded, which should carry December S&P Futures up to near 6800, while SPX cash index ($SPX) should push up to challenge and exceed 6799. I expect ultimately that $SPX very well could reach 6850 which might line up with DeMark exhaustion within 2-3 weeks, while Elliott-wave structure also makes the case for strength over the next couple weeks before a late October decline.
S&P 500 E-mini Futures
The current view from Elliott-wave Forecast also gels with my view of a mid-October minor peak for $SPX, so i expect the next couple weeks to be positive before resulting in a mid-October stallout and trend reversal. At present, SPX should push to new highs, and rally up to mid-October (marked as 3 below) Thereafter, a potential pullback could happen into early November which should align with cycles to make a low (near 4 in the chart below) Thereafter, a rally back to new highs into end of year likely gets underway. Once i understand the potential for how deep a late October decline will be into November, i'll attempt to give an alternative forecast for year-end.
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